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UTDental

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With the class of 2006 in their last year, I was wondering who out there will be ready to purchase a practice or start up a practice immediately upon graduation. A few of my classmates (and possibly myself) are foregoing the "dead end" associateship and striking out on our own- anyone else out there doing the same? Considering dental school teaches little about the business side of practice, I'm having to educate myself on the subject. I'm anticipating hiring a practice consultant upon graduation.
 
I'm looking fo a reverse employment. the seller can stay as long as they want with a 3 year minimum.
this should give me 3 years to learn the business. he/she has a vested interest in seeing their life's work thrive.
 
Hey, that sounds like a good idea. Just make sure you agree on the purchase price of the practice before you put your "sweat equity" into it.
 
UTDental said:
Considering dental school teaches little about the business side of practice, I'm having to educate myself on the subject.
Click to expand...
You mean Dr. Fields didn't teach you everything you need to know!?!?
 
kerrydds06 said:
I'm looking fo a reverse employment. the seller can stay as long as they want with a 3 year minimum.
this should give me 3 years to learn the business. he/she has a vested interest in seeing their life's work thrive.
Click to expand...

The practice management consultant who now is our Clinic Director has talked to us about this and believes it is a bad idea for the selling dentist to stay on for any amount of time after purchase of a practice. There can be issues of staff and patient loyalty. The selling dentist will probably be working on production and may take the most lucrative cases for himself. Patients may not want to be treated by a new dentist if they are given a choice. Staff will likely defer to the selling dentist to resolve disputes. Remember, there can be only one captain on a ship.

I read an excellent practice management book called 201 Secrets of a High Performance Dental Practice. It's geared towards general dentistry. Real life examples of things that worked. Easy to read.
 
UTDental said:
With the class of 2006 in their last year, I was wondering who out there will be ready to purchase a practice or start up a practice immediately upon graduation. A few of my classmates (and possibly myself) are foregoing the "dead end" associateship and striking out on our own- anyone else out there doing the same? Considering dental school teaches little about the business side of practice, I'm having to educate myself on the subject. I'm anticipating hiring a practice consultant upon graduation.
Click to expand...

I think BEFORE studying the business aspect of dentistry practice, if I were you, I would STRONGLY consider mastering your dental skills/procedures by doing a residency program (GPR/AEGD). You will learn the business side when you work as an associate and eventually be confident enough to run a solo practice.

I personally did a GPR after dental school which I don't regret. I am working as an associate and am looking into the possibility of being an owner of a group practice down the road.
 
I'll be associating. I am a wuss, ok? I don't feel ready to be out on my own completely. Plus, I feel like GPR's are only for people who feel completely clinically incompetent.
 
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